Venture Global Inc (NYSE: VG) is a liquefied natural gas (LNG) export company that develops, constructs, and operates LNG liquefaction and export facilities along the U.S. Gulf Coast. Revenue is generated primarily through long-term Sale and Purchase Agreements (SPAs) under which customers purchase LNG on a free-on-board (FOB) basis, supplemented by medium-term and spot sales through its wholly owned commercial arm, VG Commodities. The company operates the Calcasieu Project, with expected annualized production capacity of 11.2 mtpa, and is developing the Plaquemines Project, with expected annualized production capacity of 28.0 mtpa across two phases, as well as the CP2 Project. As of December 31, 2025, the company had capitalized property, plant, and equipment of approximately $46.6 billion, reflecting a heavily capital-intensive build-own-operate model. The company is headquartered in the United States and was taken public via an S-1 registration statement filed in December 2024.

Revenue model

Long-term SPAs (20-year tenors) and medium-term SPAs (3 to 5 year tenors) on an FOB basis generate contracted revenue from LNG production at the Calcasieu and Plaquemines projects. VG Commodities handles excess and uncontracted volumes through third-party and intercompany sales on short-, medium-, and long-term bases. The Calcasieu Project has approximately 8.5 mtpa under long-term post-COD SPAs and 1.5 mtpa under medium-term post-COD SPAs, with up to 1.2 mtpa of excess capacity sold via an intercompany SPA with VG Commodities (as of the 10-K filed 2026-03-02).

Products and services

Liquefied natural gas (LNG) produced and exported from the Calcasieu Project (18 liquefaction trains, 11.2 mtpa expected annualized capacity, 12.4 mtpa peak) and the Plaquemines Project (36 liquefaction trains across two phases, 28.0 mtpa expected annualized capacity, 35.0 mtpa peak). The CP2 Project is in development. LNG storage, regasification infrastructure, and pipeline access via the 24-mile TransCameron Pipeline support the Calcasieu Project. VG Commodities provides commercial marketing and shipping portfolio management for uncontracted and excess LNG volumes.

Customers and end markets

LNG off-takers under long-term and medium-term SPAs, including energy majors such as BP (named in arbitration proceedings disclosed in the 10-K filed 2026-03-02). The Calcasieu Project is involved in arbitration proceedings with four post-COD SPA customers as of the filing date. End markets are global natural gas consumers sourcing U.S. LNG, including FTA and Non-FTA nations holding DOE export authorizations.

Value-chain role

Midstream LNG producer and exporter. The company develops and operates liquefaction facilities, manages EPC and EPCM construction contracts with third-party contractors (including KZJV for the Plaquemines Project), and sells LNG FOB to international buyers. VG Commodities acts as the commercial and shipping optimization arm for uncontracted volumes. For the CP2 Project, the company has assumed a substantially larger share of direct engineering, procurement, and construction management versus prior projects.

Geographic exposure

U.S. Gulf Coast, Louisiana. The Calcasieu Project and Plaquemines Project are located in Louisiana. LNG is exported to international buyers in FTA and Non-FTA nations under DOE authorizations. Geographic revenue breakdown by destination country is not disclosed in the excerpts provided.

Source: SEC 10-K, filed 2026-03-02

Industry: Natural Gas Distribution